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Crypto Exchange Bybit is registered with the Unit for Financial Intelligence-India (FIU-IND). That Agency, part of the Indian Ministry of Finance, ordered the Bybit’s website to be blocked in the country and sentenced a fine after the invention in January that the exchange violated the rules of laundry against money laundering.
FIU-IND 31. On 31. January fined 92.7 (about $ 1.1 million) by saying that the exchange deals with “permanent and continuous” breaches for money laundering (maintenance of records) rules. As a virtual provider of digital assets (VDASP), the exchange had logged applications, but has expanded its services in India without registration of new offers with FIU-IND.
Bybitova suspension is part of a larger break
BYBIT suspended all the services of Indian users except the withdrawal 12. January, stating new and continuous regulatory issues. The suspension even applied to bank pay cards in India. The Stock Exchange said that the suspension would be temporary.
Exchange has announced a payment of money applications and FIU-IND registration 6. February. It noted that the Agency applied to become a registered VDASP in India in June 2024. years.
FIU-IND broke on the parties of Crypto exchange in December 2023, stating that they did not watch the regulations of the Agency. The exchanges were affected by the involved binance, which was excluded from the country to June, when $ 2.2 million paid in FIU-IND.
Indian approach to Crypto develops
The Indian government has shown a little enthusiasm for cryptoturcy, imposes strict regulations on industry and high profit taxes from digital assets. Part of the exchange of exchanging reports include taxation.
The cryptone exchanges themselves can be taxed. In December, the Ministry of Finance declared the domestic and foreign cryptons owed aggregate 8.24 billion rupees in back taxes. Binanca owed the lion’s arrival of the back tax.
The schedule in the Government came to light in May, when the District Committee and the exchange office of India recommended that Government agencies regulate Crypto. This position contrast with the central depiction of the bank is that the retail crypt macroeconomic risk.
In the February interview with Reuters, the Secretary of Economic Affairs, Ajay Seth, said India is reviewing his position on crypturism in the light of world trends. In any case, India was driven by the world in the experience of Cryptocurrency in 2023. and 2024. year, according to the annual chain survey.
